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Technical Outlook

Equity benchmarks pared initial gains and settled volatile session on a subdued note. The Nifty slipped 24 points to settle Tuesday’s session at 15810, down 24 points. In the coming session, index is likely to open on a flat note amid volatile global cues. We expect, index to trade with a positive bias amid commodity sell-off. Hence, use intraday dip towards 15734-15764 for creating long position for the target of 15851.

Going ahead, we reiterate our positive stance on the market and expect Nifty to gradually head towards 16200. However, the move towards 16200 will not be in a linear manner as bouts of volatility owing to volatile global cues can not be ruled out. Amidst elevated volatility, we expect buying dips strategy would continue to fare well as we believe strong support for the Nifty is placed at 15200. Thus, extended breather from hereon should be used to accumulate quality stocks to ride next leg of up move.

Nifty Daily Chart

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